Cutting Costs Strategically
February 12, 2025
Social Media Marketing has rewritten the marketing methods and theories like never before. Technology has enabled online marketing. When we refer to selling online we mean E-Commerce but when we refer to using Social Media Channels for marketing purposes we are essentially referring to advertising and marketing to customers through the different platforms. Availability of […]
Introduction This article is about how a multinational corporation is attempting to enter an emerging market like China or India and how it must position itself to capture the hearts and minds of the consumers. The multinational can be any of Samsung, Haier, or Bosch kind of companies that are now reaping the advantage of […]
From the Era of Abundance to the Era of Scarcity The era of abundance is over and we are entering an era of scarcity. Right from oil and minerals to water and food, every resource that we have used to power and drive our civilization to modernity and progress is in decline. This means that […]
Ever since International Retailing started getting recognition in the industry, several academicians as well as Industry experts have tried to come up with exact definition. The attempt to define International Retailing raised a legitimate question as to what exactly the retailers were internationalizing. Unless the correct fact was established, there could be no right definition. […]
What is Marketing Strategy ? Marketing strategy is the comprehensive plan formulated particularly for achieving the marketing objectives of the organization. It provides a blueprint for attaining these marketing objectives. It is the building block of a marketing plan. It is designed after detailed marketing research. A marketing strategy helps an organization to concentrate it’s […]
One of the first things that any observer of management thought and practice asks is whether a particular organization has a vision and mission statement. In addition, one of the first things that one learns in a business school is the importance of vision and mission statements.
This article is intended to elucidate on the reasons why vision and mission statements are important and the benefits that such statements provide to the organizations.
It has been found in studies that organizations that have lucid, coherent, and meaningful vision and mission statements return more than double the numbers in shareholder benefits when compared to the organizations that do not have vision and mission statements. Indeed, the importance of vision and mission statements is such that it is the first thing that is discussed in management textbooks on strategy.
Some of the benefits of having a vision and mission statement are discussed below:
As can be seen from the above, articulate, coherent, and meaningful vision and mission statements go a long way in setting the base performance and actionable parameters and embody the spirit of the organization.
In other words, vision and mission statements are as important as the various identities that individuals have in their everyday lives.
It is for this reason that organizations spend a lot of time in defining their vision and mission statements and ensure that they come up with the statements that provide meaning instead of being mere sentences that are devoid of any meaning.
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